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Amazon Has Bought MGM for $8.5 Billion

Another Hollywood mega merger has shaken up the world of pop culture, in a deal where the rich get richer. James Bond finds a new home and a historic Hollywood studio becomes the property of Jeff Bezos. Amazon has purchased MGM and its entire library. It’s a move that will add more than 4,000 films and 17,000 shows to the streaming service’s catalogue.

The deal between Amazon and MGM, which became official in May 2021, has now closed. The companies announced they “have entered into a definitive merger agreement under which Amazon will acquire MGM.” And now, according to  Variety, Amazon has bought MGM for $8.5 billion. Sounds like a lot of money. But not for Amazon.

MGM

The company is getting a lot for its money. It is acquiring Metro-Goldwyn-Mayer’s collection of over 4,000 movies. In addition to the James Bond franchise, that includes famous films like 12 Angry Men, Basic Instinct, Creed, James Bond, Legally Blonde, Moonstruck, Poltergeist, Raging Bull, Robocop, Rocky, Silence of the Lambs, Stargate, Thelma & Louise, Tomb Raider, The Magnificent Seven, The Pink Panther, and The Thomas Crown Affair. As well as upcoming MGM films like House of Gucci, No Time to Die, and The Addams Family 2. Not to mention a whopping 17,000 TV shows, including The Handmaid’s Tale, Fargo, and Vikings. 

“The real financial value behind this deal is the treasure trove of IP in the deep catalog that we plan to reimagine and develop together with MGM’s talented team,” said Mike Hopkins, Senior Vice President of Prime Video and Amazon Studios, in a statement. “It’s very exciting and provides so many opportunities for high-quality storytelling.”

As of this most recent report, the European Union’s antitrust regulator has approved of the deal unconditionally. Though it must be noted, U.S. Federal Trade Commission could still challenge the deal. But the only thing more shocking than an iconic Hollywood studio being bought by one of the richest people alive would be the deal falling through at this point.

MGM

Chris Brearton, chief operating officer of MGM, noted to Variety: “We are excited for MGM and its bounty of iconic brands, legendary films and television series, and our incredible team and creative partners to join the Prime Video family. MGM has been responsible for the creation of some of the most well-known and critically acclaimed films and television series of the past century. We look forward to continuing that tradition as we head into this next chapter, coming together with the great team at Prime Video and Amazon Studios to provide audiences with the very best in entertainment for years to come.”

Hopefully, Silicon Valley takes good care of an important part of Tinseltown’s history.

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